Final answer:
Entrepreneurs starting an online business do not typically need to determine a physical location. For entrepreneurs like Berkeley opening a physical retail store, choosing the right business structure is crucial and depends on various factors including risk, capital, and partnership.
Step-by-step explanation:
Entrepreneurs who aspire to start online businesses typically implement several key steps as part of their business strategy. However, determining a physical location is generally not one of them, as online ventures may not require a fixed brick-and-mortar presence.
Essential steps for online entrepreneurs commonly include creating a professional website, building online relationships to foster a business network, identifying a profitable market niche to target, and choosing a domain name that aligns with the business's branding and purpose. The physical location is more relevant to traditional businesses, such as retail stores, as Berkeley is contemplating for her summer business selling local products to tourists.
For someone like Berkeley who is opening a retail business, selecting an appropriate business structure is critical. She could choose from several structures including sole proprietorship, partnership, limited liability company (LLC), or corporation, each with its own legal and tax implications. The choice would depend on factors such as the level of risk she's willing to take, the amount of capital she needs, and whether she plans to run the business independently or with partners.